Litecoin (LTC) has registered unusual activity on the Binance exchange. Whale Alert on X, the renowned blockchain transaction tracker, spotted the movement of 407,510 LTC valued at approximately $35.4 million. The massive LTC funds were moved from Binance to an unknown wallet.
Possible reasons behind move
The massive Litecoin move has raised questions about its potential causes. While some believe it to be a new over-the-counter (OTC) trade, others have conjectured that the shift may be related to a whale storing it away.
Whatever the cause of the action, analysts think it shows that interest in Litecoin is once again expanding.
Transferring money to a personal wallet usually signifies that the investor intends to keep the asset. This demonstrates faith in the long-term worth of Litecoin. Since the wallet owner has chosen to hold onto the currency while keeping an eye on market developments, this is also a positive indicator.
It’s interesting to note that the transfer took place in spite of Litecoin’s market value dropping 3.7%. Data indicates that as of this writing, LTC is trading at $86.65. At $1.01 billion, the market volume has drastically decreased by 17.41%.
Litecoin has varied from a peak of $89.91 to its current price throughout the last day.
Institutional interest boosts Litecoin’s prospects
A Litecoin exchange-traded fund (ETF) is one of the market signs that might have rekindled interest in the 13-year-old cryptocurrency. Litecoin saw unanticipated inflows in late October as a result of this institutional interest. The total amount of money received during the final week of the previous month was $1.8 million.
Notably, cryptocurrency investment company Canary Capital has applied to introduce a Litecoin ETF in the United States. The investment business stressed that Litecoin’s durability in the cryptocurrency market was a factor in the decision.
Whales are now drawn to Litecoin because of its “proven record of security and reliability,” according to Canary Capital.
